S and

the G? We'll look at G first.

If you look at poor governance, that could result in all sorts of issues.

regulatory penalties, illegal activities.

You can even take companies down.

The poster child for the governance risk is Theranos, this company over in the States, which many people would have heard of.

But there's also governance risks that have materialized in other ways, such as through Volkswagen, where there was emissions scandal.

So what did conventional ESG actually do?